OFFERING MEMORANDUM 3425 W COLFAX AVE KEVIN WOOLSEY Investmentdenver, Advisor CO 80204 [email protected] 303.990.4361
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OFFERING MEMORANDUM 3425 W COLFAX AVE KEVIN WOOLSEY InvestmentDENVER, Advisor CO 80204 [email protected] 303.990.4361 ANTHONY BOBAY TRAVIS HODGE Investment Advisor Sr. Investment Advisor [email protected] [email protected] 720.297.6667 404.259.8171 TABLE OF CONTENTS • EXECUTIVE SUMMARY •LOCATION OVERVIEW 01 EXECUTIVE SUMMARY BUILDING DETAILS Zoning: C-MS-8 Parcel Size: 11,875 SF Max Height: 110" Existing Building SF: 1,900 SF Existing Use: Car Wash List Price: $1,300,000 SITE List Price per SF: $109 OVERVIEW ALLOWABLE USES 1 Residential (For Rent) 2 Residential (For Sale) 3 Office 4 Mixed Use 5 Hospitality 6 Retail DEVELOPMENT HIGHLIGHTS 3 blocks to Sloan’s Lake Park. 2 Blocks from light rail station. In Opportunity Zone. Great visibility along Colfax Ave. Easy access to downtown, Mile High Stadium, and many other major entertainment venues. W CONEJOS PL AREA KING ST STREET 3425 W COLFAX AVE MAP W COLFAX AVE NEIGHBORHOOD DESCRIPTION The historic neighborhood known as Sloan’s Lake is seeing major redevelopment and economic growth after the redevelopment of St Anthony’s Hospital and other initiatives in recent years. The neighborhood is an epicenter for urban renewal with the redevelopment of the old St Anthony’s Hospital location into the Sloan’s Lake entertainment area, the addition of Edgewater Public Market and the Mile High Redevelopment plans creating a lively, walkable, and amenity rich community. To the south of the lake, many new restaurants, breweries, the new Alamo Drafthouse are helping to fill the dearth of entertainment options in the area. Only a few blocks away, residents enjoy easy access to the light rail providing great access to employment and entertainment options in both Downtown Denver and theGolden area. NEIGHBORHOOD MAP JEFFERSON PARK SLOAN’S LAKE PARK HALLACK PARK CRESCENT PARK LAKE MIDDLE SCHOOL TACOS EL PAISA #20 BUS RODOLFO “CORKY” #16 BUS 3425 W COLFAX GONZALES LIBRARY COLFAX AVENUE PACO SANCHEZ PARK #31 FEDERAL BUS LAKEWOOD/DRY GULCH PARK RUDE RECREATION CENTER W LINE - KNOX 25 STATION LOCATION MAP SLOAN DOWNTOWN LAKE DENVER 3425 W COLFAX AVE W COLFAX AVE. LAKEWOOD COUNTRY CLUB SUNKEN GARDENS PARK WEST-BAR-VAL WOOD PARK SHERIDAN BLVD BLVD SHERIDAN SHERIDAN 02 LOCATION OVERVIEW DEMOGRAPHICS Population 1 Mile 3 Mile 5 Mile 2020 Total Population 24458 231032 495213 2025 Population 26120 246265 524538 Pop Growth 2020-2025 0.068 0.0659 0.0592 Average Age 34.4 36.2 37.1 Households 1 Mile 3 Mile 5 Mile 2020 Total Households 9323 106867 223786 HH Growth 2020-2025 0.0682 0.0695 0.0607 1 MILE Median Household Inc $49,452 $65,016 $66,658 Avg Household Size 2.5 2.1 2.1 2020 Avg HH Vehicles 1 1 2 3 MILE Housing 1 Mile 3 Mile 5 Mile Median Home Value $477,108 $454,169 $445,029 5 MILE Median Year Built 1958 1964 1961 DENVER GROWTH Ranked as the top place to live in the U.S. by U.S. News & World Report, the city of Denver is home to over 693,000 residents (as of July 2016). An estimated 2.9 million people live in Denver Metro as a whole, with more people moving to the area each year, as this number is expected to grow by 12.6 percent over the next five years, compared to 3.7 percent nationally. Currently 100+ people are immigrating to the city each day. The Denver Metro accounts for over half of the population in the entire state of Colorado, which is home to an estimated 5.5 million people. CONSTRUCTION As one of the fastest-growing metros in the nation, Denver is thriving with new construction. This new construction will help accommodate the population growth throughout the metro. Some current projects include: 17TH & Curtis Street, 360-unit apartment buildings linked to a 9-story office building and 6 story parking structure. Skyhouse Denver, a 354-unit apartment with street level retail. Block 162, a full block project that included a 606,500 sq. ft. office tower and separate tower hotel. Tabor Center Tower Two, a 31 story 700,000 sq. ft. office tower would be the largest development in Denver since 1985. 1144 Fifteenth St, a 40 story office tower with street level retail. DENVER INTERNATIONAL AIRPORT Denver International Airport (DEN), also known as DIA, opened to the public on February 28, 1995 and at 34,000 acres, remains the largest and newest commercial airport in the United States. It’s known around the world for its striking tented roof structure and technologically advanced operations. Over the past twenty years, DIA has established itself as the primary employer and economic driver in the Denver metro, supporting nearly 190,000 jobs and generating more than $26 billion in annual revenue. Served a record setting 58 Million passengers in 2017. The airport serves over 170 destinations including 20 international cities in nine countries. DIA is just 30 minutes from Union Station via the East Rail line. DIA has room to double its current capacity to remain competitive in the growing global aviation marketplace. DIA broke ground in May of 2018 on a $1.8 billion gate expansion project. The project will add 39 gates across all three concourses in the next four years, bringing the total to 150. The expansion will utilize the airport’s original “telescoping” design by expanding eastward and westward at the ends. The expansion is expected to be completed by the end of 2021. DIA is among the first airports in North America to secure internationally recognized accreditation for measuring and reducing carbon emissions. *Some of this information sourced from denverpost.com DENVER METRO Located on the front range of the Rocky Mountains, the Denver Metro is a thriving urban epicenter famous for its breathtaking views, world-class dining, champion sports teams, exhilarating recreation, and eclectic arts and entertainment. It’s no wonder this metropolis is one of the biggest in the nation! ATTRACTIONS: Denver Art Museum Denver Museum of Nature and Science Denver Zoo Denver Aquarium Six-Flags Elitch Gardens Hyland Hills Water World Denver Aquarium SPORTS Basketball: Denver Nuggets Hockey: Colorado Avalanche Football: Denver Broncos Baseball: Colorado Rockies Soccer: Colorado Rapids *Some of this information sourced from denverpost.com T O DENVER NOTE RNN #1 BEST PLACES TO LIVE (U.S. NEWS & WORLD REPORT 2016) #1 IN ECONOMIC AMERICA’S BEST & JOB GROWTH PLACE FOR (AREA DEVELOPMENT, 2015) BUSINESS & CAREERS (FORBES, 2015 & 2016) TOP 10 PLACES IN THE U.S. TO TRAVEL 3RD BEST CITY FOR 6TH FASTEST (LONELY PLANET, 2016) COLLEGE GRADS GROWING METRO (RENT.COM, 2015) AREA IN THE U.S. (FORBES, 2016) 3RD HEALTHIEST CITY #1 IN THE NATION FOR IN THE NATION LARGEST INCREASE IN (FORBES, 2016) RESIDENTS WITH COLLEGE DEGREES (U.S. CENSUS BUREAU, 2014) 7TH BEST STATE IN WHICH TO 4TH BEST CITY MAKE A LIVING FOR BIKE RIDING (FORBES, 2016) IN THE U.S. (WALK SCORE, 2015) EMPLOYERS IN THE DENVER METRO The Denver metro is a hub for various industries, including aviation, health, business, finance, and technology. Outside of city, state, and school services, major employers in the Denver metro area include Denver International Airport, Lockheed Martin, Health ONE Corporation, Centura Health, SCL Health Systems, Comcast, CenturyLink, Kaiser Permanente, Liberty Tax Service, Western Union, University of Colorado, Children’s Hospital, and Wells Fargo. In 2017, Amazon opened up a 1 million sq. ft. fulfillment center in Aurora, creating nearly 1,000 full-time jobs. Google is building a $131 million, four-acre, state-of-the art facility in Boulder, potentially bringing more jobs to the area. Many companies choose to relocate to or expand in the Denver Metro, especially tech and startup companies. Between 2007-2015, approximately 9,000 companies chose to relocate from California to Denver. These employers are attracted to the innovative culture, economic environment, exceptional talent, and deep sense of social responsibility that characterizes the Denver Metro. Forbes ranks Denver as #1 in the nation for business and careers, and Area Development ranks Denver as #1 in the nation for economic and job growth. Denver metro is home to many fast-growing startups, with 113 local companies making the Inc. 5000 list of the nation’s fastest-growing private companies for the year 2017. *Some information was sourced from: https://choosecolorado.com/ LIHT RIL The Regional Transportation District (RTD) operates 365 days a year to quickly connect travelers to their destination. As part of RTD, the 58-mile rail system features nine rail lines servicing 62 stations along the Denver metro’s North, East, Southeast, Southwest, and West rail corridors. Popular destinations include: • Denver International Airport (DIA) • Theatre District • Convention Center • Sports Authority Field at Mile High • Pepsi Center • 16th Street Mall • Park Meadows Mall. RTD’s rail system has transformed people’s commutes and the communities they live in. The 23-mile stretch from Downtown Denver to DIA is now just a 30-minute ride via light rail. The light rail is also attributed with revitalizing neighborhoods across the Denver metro, including Five Points and West Colfax. An average of 64,000 people utilize the light rail each day, making it eighth-largest system in the country, even though Denver is 21st in the nation in terms of population. SLOAN’S LAKE Sloans Lake is a body of water, park, and neighborhood located on the northwest side of Denver. Sloan’s Lake is the biggest lake in Denver, and at 177 acres, it’s the city’s second largest park. It’s one of the best parks for catching a sunset, with stunning views of the Rocky Mountains and Denver skyline and know for the Colorado Dragon Boat Festival, that happens every July, which is billed as one of the state’s best.